There are numerous the explanation why passive revenue is important for a solo artistic enterprise and entrepreneur, as the cruel actuality is that this work nearly at all times entails a level of uncertainty and shaky revenue. Passive revenue is the place you do a lot of labor up entrance to create a digital product, a course, or content material that you just earn cash from over and over. I used to be drawn to buying extra passive revenue streams past picture libraries. Though I’ve tried many platforms, at current I obtain good revenue from:
And I’m nonetheless searching for out others so I can repurpose among the artwork I’ve created over the past 5 years.
These are the methods I really feel passive revenue has been a constructive a part of my artwork enterprise:
1- Passive revenue frees up your time
I used to be at all times aware to have sufficient to make sure that my passive revenue lined my month-to-month bills, so I used to be free to spend my time build up my portfolio, taking extra programs and creating private initiatives to enhance my abilities, and taking care of my children.
2 It reduces your stress and anxiousness over cash
Since my children had been born, I felt the strain that comes together with an incapability to pay your payments, put petrol within the automobile and even warmth the home. It prompted loads of anxiousness, worry and an general feeling of getting a defensive mentality primarily based on shortage and lack. Realizing you’ve gotten sufficient to cowl the necessities is kind of a aid — understanding that if I or my children had been to have a interval of sick well being, the payments can be lined.
3 It offers a platform for creative development
Passive revenue lets you take dangers. If you’re experimenting with one thing new in your profession or going by means of a sluggish interval, passive revenue is the additional enhance to maintain you going. It permits me time to create lessons that generally take 3-4 months from conception to launch (which in flip makes these lessons semi-passive). I’m at liberty to remain curious and discover new methods to additional strengthen my model, e.g. 100 day initiatives, any private initiatives I dream up, and take extra programs myself if mandatory.
